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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Shares of Common Stock Available for Issuance

Shares of common stock available for issuance under the Company’s equity incentive plans at December 31, 2023 were as follows:

 

 

 

December 31, 2023

 

Outstanding stock awards

 

 

7,059,412

 

Reserved for future award grants

 

 

5,239,303

 

Reserved for future ESPP

 

 

83,756

 

Total common stock reserved for stock awards

 

 

12,382,471

 
Summary of Stock Option Activity

A summary of the Company’s stock option activity (excluding performance-based stock option activity summarized further below) for the years ended December 31, 2023, 2022, and 2021 is as follows:

 

 

 

Outstanding Options

 

(in thousands, except share and per share data)

 

Number of
Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value

 

Balance—December 31, 2020

 

 

4,948,306

 

 

$

7.10

 

 

 

6.71

 

 

$

146,044

 

Options granted

 

 

1,026,276

 

 

 

21.26

 

 

 

 

 

 

 

Options exercised

 

 

(862,056

)

 

 

2.43

 

 

 

 

 

 

 

Options forfeited or expired

 

 

(110,107

)

 

 

13.88

 

 

 

 

 

 

 

Balance—December 31, 2021

 

 

5,002,419

 

 

$

10.66

 

 

 

6.89

 

 

$

28,308

 

Options granted

 

 

1,429,295

 

 

 

4.80

 

 

 

 

 

 

 

Options exercised

 

 

(488,187

)

 

 

2.07

 

 

 

 

 

 

 

Options forfeited or expired

 

 

(492,395

)

 

 

10.57

 

 

 

 

 

 

 

Balance—December 31, 2022

 

 

5,451,132

 

 

$

9.90

 

 

 

5.31

 

 

$

7

 

Options granted

 

 

2,638,500

 

 

 

2.61

 

 

 

 

 

 

 

Options exercised

 

 

(8

)

 

 

2.44

 

 

 

 

 

 

 

Options forfeited or expired

 

 

(2,284,038

)

 

 

7.84

 

 

 

 

 

 

 

Balance—December 31, 2023

 

 

5,805,586

 

 

$

7.40

 

 

 

6.90

 

 

$

64

 

Options vested and exercisable as of December 31, 2023

 

 

3,103,913

 

 

$

9.69

 

 

 

5.57

 

 

$

1

 
Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options air value of stock options is recognized as compensation expense on a straight-line basis over the requisite service periods of the awards. Fair value of stock options was estimated using the following range of assumptions:

 

 

 

Year Ended December 31,

 

 

2023

 

2022

 

2021

Expected term (in years)

 

5.50 - 6.08

 

5.50 - 6.08

 

5.50 - 6.27

Volatility

 

78.47 - 79.31%

 

68.37 - 77.68%

 

67.97 - 69.90%

Risk-free interest rate

 

3.47 - 4.66%

 

1.62 - 4.23%

 

0.62 - 1.39%

Dividend yield

 

–%

 

–%

 

–%
Summary of Restricted Stock Units Activity

A summary of the Company’s RSU activity for the years ended December 31, 2023, 2022 and 2021 is as follows:

 

 

 

Unvested Restricted Stock Units

 

(in thousands, except share and per share data)

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Aggregate
Fair Value

 

Balance—December 31, 2020

 

 

619,218

 

 

$

10.41

 

 

$

22,670

 

RSUs granted

 

 

1,387,656

 

 

 

18.05

 

 

 

 

RSUs vested

 

 

(266,119

)

 

 

10.93

 

 

 

5,521

 

RSUs forfeited

 

 

(61,059

)

 

 

18.45

 

 

 

 

Balance—December 31, 2021

 

 

1,679,696

 

 

$

16.35

 

 

$

23,969

 

RSUs granted

 

 

2,071,201

 

 

 

4.86

 

 

 

 

RSUs vested

 

 

(897,871

)

 

 

11.74

 

 

 

3,189

 

RSUs forfeited

 

 

(231,544

)

 

 

10.94

 

 

 

 

Balance—December 31, 2022

 

 

2,621,482

 

 

$

9.33

 

 

$

5,191

 

RSUs granted

 

 

24,500

 

 

 

2.18

 

 

 

 

RSUs vested

 

 

(839,194

)

 

 

9.91

 

 

 

1,520

 

RSUs forfeited

 

 

(552,962

)

 

 

8.89

 

 

 

 

Balance—December 31, 2023

 

 

1,253,826

 

 

$

8.99

 

 

$

2,633

 
Stock Based Compensation Expense by Award Type and Function

The following is a summary of stock-based compensation expense by function (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Cost of revenue

 

$

1,761

 

 

$

1,922

 

 

$

1,414

 

Research and development

 

 

4,870

 

 

 

5,256

 

 

 

4,064

 

Selling, general and administrative

 

 

7,420

 

 

 

12,255

 

 

 

8,900

 

Total stock-based compensation expense

 

$

14,051

 

 

$

19,433

 

 

$

14,378

 

 

The following is a summary of stock-based compensation expense by award type (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Stock options

 

$

5,746

 

 

$

8,560

 

 

$

8,585

 

RSUs

 

 

7,539

 

 

 

9,990

 

 

 

4,765

 

ESPP

 

 

766

 

 

 

883

 

 

 

1,028

 

Total stock-based compensation expense

 

$

14,051

 

 

$

19,433

 

 

$

14,378

 
2019 Employee Stock Purchase Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Weighted-average Assumptions Used to Calculate Stock-Based Compensation For Each Stock Purchase Right Granted Under ESPP :

 

 

 

Year Ended December 31,

 

 

2023

 

2022

 

2021

Expected term (in years)

 

0.5

 

0.49 - 0.5

 

0.49

Volatility

 

69.23 - 84.88%

 

82.35 - 112.07%

 

55.92 - 74.88%

Risk-free interest rate

 

5.14 - 5.51%

 

1.49 - 4.58%

 

0.04 - 0.06%

Dividend yield

 

–%

 

–%

 

–%

Fair value

 

$0.33 - $0.91

 

$1.26 - $2.23

 

$6.30 - $8.21
Performance-Based Stock Option | 2019 Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity A summary of the Company’s performance-based stock option activity for the years ended December 31, 2023, 2022 and 2021 is as follows:

 

 

Outstanding Performance-Based Options

 

(in thousands, except share and per share data)

 

Number of
Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term (in
years)

 

 

Aggregate
Intrinsic
Value

 

Balance—December 31, 2020

 

 

421,000

 

 

$

5.10

 

 

 

9.21

 

 

$

13,266

 

No activities

 

 

—

 

 

 

 

 

 

 

 

 

 

Balance—December 31, 2021

 

 

421,000

 

 

$

5.10

 

 

 

8.21

 

 

$

3,861

 

No activities

 

 

—

 

 

 

 

 

 

 

 

 

 

Balance—December 31, 2022

 

 

421,000

 

 

$

5.10

 

 

 

1.00

 

 

$

—

 

Options expired

 

 

(421,000

)

 

 

5.10

 

 

 

 

 

 

 

Balance—December 31, 2023

 

 

—